As a college student you have the awesome opportunity (and advantage) to score a series of products and services at great rates if you build a good credit portfolio early on. Since most college students are 25 and under, there’s an excellent chance you have not lived long enough to completely or irrevocably screw up your credit. In other words, as a blank slate good credit is very much within your grasp.

If you’re a college student reading this article, the three smart tips below on establishing and or maintaining good credit now and in the future are for you.

1. Start Slow –

As you turn 18 you might begin to start receiving offers in the mail asking you to sign up for credit cards, gas cards, local furniture store credit and so on. No need to sign up for everything that comes your way, be selective and only choose one offer (two at the most) to begin with. That is all you need to start establishing a credit history, one or two credit accounts. If you sign up for too many offers, you risk the chance of getting in over your head and not being able to pay should you lose your job, get into an accident, become ill, etc. Best bet is to sign up for one credit account and keep it in good standing for a year or two and as the account matures, you will qualify for a better rate, higher credit line and or terms.

2. Sign Up For Good Types of Credit –

There are different types of credit. Some types of credit such as student loans are always reported to the credit bureaus whereas local store credit might not be. The local store credit if not reported to the bureaus will not do much to help you establish a credit history. Make sure when you sign up for an offer, it’s one that will get reported whether monthly or at some other interval, so that you get the “credit” literally for paying on time and being a solid customer. You want your payment history on record.

3. Shop Around –

Just as you shop around when buying an MP3 player, car or even your next pair of sneakers you can also compare rates on different types of credit offers. Company A might offer an excellent annual rate but charge an excessive annual fee, company B might offer excellent cash back bonuses but suck you dry on ATM charges. You need to read the fine print and pay close attention to details such as this, as they can make the difference between a good offer and making a huge costly mistake. Check sites like BankRate.com for credit rate comparisons.

We hope the three tips above help you in your credit journey now and for years to come. Start slow, choose wisely and compare rates before taking the final plunge.

There are many things that parents worry about – their child’s first day at big school or their first trip to the hospital, but in this day and age there are far more worrying problems that loom. There is no denying that house prices have risen, education costs have skyrocketed and the price of living is increasing exponentially.

These modern day problems can mean that parents are left looking after their children longer than ever before, which can be a huge financial pressure for mums and dads. It can be challenging to save for this eventuality, but if you start saving at an early stage then you can give you child the chance to go it alone much earlier and allow them to get the education they need.

Saving for your child’s future is the key to making sure that you have enough money to support them in their journey to independent adult life. If you can start saving as soon as your child is born then you will have to save at least 30 pounds a week to be able to afford the new university fees. This is a large amount of money, especially if you have a low income. You will of course earn interest on this money; the amount of this interest will be completely dependent on the type of savings account you open for your child. With hundreds of different choices it can be confusing. Here are some of the main accounts you can open for your child:

(1) No one wants to think about worst case scenario, but many parents are left wondering what would happen if they were not there to save for their children’s future. In this scenario it is important to look at life insurance policies which will provide your child with money to start their future. There are hundreds of policies out there, many of which are complicated and potentially confusing. Have a look at The Term Guy to evaluate all of the policies and make sure you pick the best one for you.

(2) Individual Savings Accounts (ISAs) have completely changed the way we save money, and can now be linked to any online bank account. If you set up an ISA for your child then there are a few things that you should be aware of. Like adults, children have a personal allowance, an amount they can receive each year tax-free. A parent or step-parent or a parent can give a child as much money as they like, but if it earns more than £100 interest then you will be taxed as if the ISA were in your name. Other people contributing to the account will not be liable for this tax.

(3) Children’s Bonus Bonds from the NS&I allow you to invest for a child’s future in their own name with no tax to pay on the interest or bonuses. The bond is backed by HM Treasury, so the account is more secure than some other banks. With a limit of £3,000 per Issue, per child, and no capital gains tax or other charges to pay this a safe choice.

When I hear people say, “I’m still paying off my student loan,” years after they graduate and well into their 30’s I suddenly feel lucky to know that I didn’t take the route. Finances are hard as it is when you’re a young family the last thing I would want is student debt accumulated from years ago that still hasn’t been paid off.

Repercussions are generally felt years after, once you graduate and when you most need money  – starting out and as a young family.

Reading Money Saving Guide for University Students will educate you on some of the unexpected costs of those fiscally challenging years while you study.

So what do they cover?

• Housing: with suggestions on how to lower those nasty costs that tend to be the highest expenses.
• Tracking Expenses: spreadsheets and apps that can easily be used to help you manage your checking accounts and stay on budget.
• Building Credit: with offers and deals on various ways to help you mange your money.
• Spreadsheets: that will help you compare apples to apples when looking for services that you just can’t live without liked cell phones and transportation.
• Saving Tips on how to save on textbooks and tuition costs. Along with ways to save money on groceries.

A few of my favourite examples:

Saving tips on education by transferring credits and prerequisites.

• Take time to think about how much you will use the phone and comping up with a good comparison of how to pick the right plan suited to your needs.
• Student cards that we recommend and where you can apply for them.
• Where to save on textbooks such as used book stores on campus. Used books in the marketplace online  and places like Facebook, Kijiji and Craigslist.